Public sector finances UK - December 2024

22nd January 2025

Borrowing - the difference between public sector spending and income - was £17.8 billion in December 2024; this was £10.1 billion more than in December 2023 and the highest December borrowing for four years.

The current budget deficit - borrowing to fund day-to-day public sector activities - was £10.0 billion in December 2024; this was £7.3 billion more than in December 2023 and the highest December current budget deficit for two years.

The interest payable on central government debt was £8.3 billion in December 2024, largely because of movements in the Retail Prices Index; this was £3.8 billion more than in December 2023 and the third-highest December figure since monthly records began in January 1997.

Borrowing in the financial year to December 2024 was £129.9 billion; this was £8.9 billion more than at the same point in the last financial year and the second-highest financial year-to-December borrowing since monthly records began in January 1993.

Public sector net debt excluding public sector banks was provisionally estimated at 97.2% of gross domestic product (GDP) at the end of December 2024; this was 0.3 percentage points more than at the end of December 2023, and remains at levels last seen in the early 1960s.

Public sector net financial liabilities excluding public sector banks were provisionally estimated at 84.5% of GDP at the end of December 2024; this was 1.9 percentage points more than at the end of December 2023, and 12.7 percentage points lower than public sector net debt.

Central government net cash requirement (excluding UK Asset Resolution Ltd and Network Rail) was £19.4 billion in December 2024, £0.8 billion more than in December 2023.

Borrowing in December 2024
The public sector spent more than it received in taxes and other income in December 2024.

Initial estimates show it was required to borrow £17.8 billion. This is £3.2 billion more than the £14.6 billion forecast by the Office for Budget Responsibility, and £10.1 billion more than was borrowed in December 2023.

This was the third-highest December borrowing since monthly records began in January 1993, behind those of 2009 (£21.4 billion) and 2020 (£24.2 billion).

Read the full ONS report HERE